SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 3, 1997
McMoRan Oil & Gas Co.
Delaware 0-23870 72-1266477
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
1615 Poydras Street
New Orleans, Louisiana 70112
Registrant's telephone number, including area code:(504) 582-4000
Item 5. Other Events.
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The following news release was issued by McMoRan Oil & Gas Co. on
October 3, 1997:
NEW ORLEANS, LA., October 3, 1997 -- McMoRan Oil & Gas Co.
(NASDAQ: MOXY) announced today that its West Cameron Block 616 #3
well has discovered a total of 263 feet of net gas pay in four
sands logged between measured depths of 8,368 feet and 9,780
feet. MOXY, the operator of the well, believes that the logged
pays in the West Cameron Block 616 #3 well indicate commercial
quantities of reserves which can be developed and recovered by
conventional platform techniques. Protective pipe is being set
prior to drilling deeper towards additional objectives with an
expected total measured depth of 13,794, true vertical depth of
11,490 feet. Working interest in the #3 well prospect area of
625 acres is owned 40 percent by MOXY and 60 percent by its joint
venture partner, Freeport-McMoRan Resource Partners, Limited
Partnership (NYSE:FRP), subject to adjustment to 50 percent for
each partner upon the formation of a new $200 million multi-year
exploration program between MOXY and FRP, which is subject to a
vote of MOXY's shareholders to be held on October 9, 1997.
On June 24, 1996, MOXY announced that its West Cameron Block
616 #2 well, located approximately one mile southeast of the #3
well, encountered several gas bearing zones with a total of 190
feet of net gas pay in a different fault block from that of the
#3 well. The #2 well, also operated by MOXY, was drilled to a
total measured depth of 14,603, true vertical depth of 11,440
feet. Working interest in West Cameron Block 616, other than the
#3 well prospect, and in West Cameron Block 617 is owned 50
percent by MOXY and FRP and 50 percent by Forest Oil Corporation
(NASDAQ:FOIL). Immediately following the drilling of the #3
well, MOXY will evaluate additional drilling on West Cameron
Block 616 and drilling an initial exploratory well on Block 617.
West Cameron Blocks 616 and 617 are located in 300 feet of water
in the Gulf of Mexico, approximately 130 miles offshore Louisiana
and encompass a total of 10,000 acres.
C. Howard Murrish, President and Chief Operating Officer of
MOXY said, "We are very pleased that our 'bright spot'
interpretation of the 3-D seismic data on the shallow objectives
of this prospect has been confirmed by drilling, and now we are
anxious to resume drilling to evaluate our deeper objectives."
MOXY is an independent oil and gas company engaged in the
exploration, development and production of oil and natural gas
reserves offshore in the Gulf of Mexico and onshore in the Gulf
Coast area. The company continues to generate prospects and
evaluate farmin opportunities utilizing its geological and
geophysical expertise through the use of 3-D seismic data and
state of the art technology.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly
authorized.
McMoRan Oil & Gas Co.
By: /s/ C. Donald Whitmire
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C. Donald Whitmire
Controller
(authorized signatory and
Principal Accounting Officer)
Date: October 13, 1997
